Category: XOM

Will ExxonMobil Cut Its Dividend?

Ever since the pandemic took its toll on the Oil & Gas industry, Fortune 500 companies have been scrambling to protect their dividends and keep their shareholders happy. The results have negatively impacted workers at those companies. ExxonMobil has been in the news a lot recently for taking on cost cutting measures in the name

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Leaked ExxonMobil Memo: ExxonMobil Considering Job Cuts

The drop in oil prices has forced ExxonMobil to evaluate cost-cutting measures which include job cuts. According to Business Insider ExxonMobil released a memo on Monday saying, “Unfortunately, we continue to see prolonged negative market impacts that require us to make further changes so we are best positioned to take advantage of market improvements when

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ExxonMobil is Cutting Costs, Will a Pension Freeze be Next?

Over the past several months ExxonMobil has instituted a number of cost cutting measures in order to stay afloat during this tough economic time. Reuters reported that ExxonMobil has now experienced, “its first back-to-back quarterly loss in 36 years because of the drop in demand during the novel coronavirus pandemic”. On top of that Forbes

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First Exxon Layoffs, Now Loss of 401(k) Matching

ExxonMobil announced yesterday that they will no longer be matching U.S. employee’s contributions to their retirement savings plans. The suspension of these benefits will officially begin on October 1st, 2020. According to Reuters, ExxonMobil has now experienced, “its first back-to-back quarterly loss in 36 years because of the drop in demand during the novel coronavirus

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Is ExxonMobil Laying People Off Through PIP?

Earlier today Forbes & Business Insider confirmed the rumors which had been circulating within ExxonMobil circles for the past few months. It appears ExxonMobil, in an attempt to “cut more workers without using traditional layoffs” (Jones), has adjusted its performance evaluations in order to justify more job cuts. According to Forbes, “Exxon categorizes its employees

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